Net income excluding items fell to $1.03 billion, or $1.35 per share, down from $1.10 billion, or $1.46 per share, in the year-earlier period.

It would have been higher by 18 cents per share if not for increased pension expenses that cost the company $194 million.

Revenue rose 13 percent to $20.01 billion from $17.73 billion a year ago.

Wall Street had expected Boeing to report earnings excluding items of $1.13 a share on $20.03 billion in revenue, according to Thomson Reuters consensus estimates.

Boeing raised its earnings forecast for the year. The company now expects to earn between $4.80 and $4.95 a share. Analysts were expecting Boeing's fiscal year earnings to be about $4.73 a share, according to Thomson Reuters.

The company also raised its revenue guidance to between $80.5 and $82 billion.

"Strong core operating performance drove increased earnings in both our major businesses, along with higher overall revenues, improved cash flow, and solid earnings per share even as pension headwinds rose," said Boeing Chairman, President and Chief Executive Officer Jim McNerney in the earnings release.